Dr Shamika Ravi, member of PM Modi’s Economic Advisory Council, has sparked outrage by saying a rupee at 100 to the dollar is “just a number,” even as the currency hovers near 96.
THE VALUE OF THE INDIAN RUPEE has been on a generational race to the bottom, hitting ₹96 against the US dollar and sparking intense discussions online about whether India is moving toward a crisis. Just weeks after Prime Minister Narendra Modi's public appeal to conserve foreign exchange, the internet has once again erupted with sarcasm, anger, and confusion following comments made by Dr. Shamika Ravi, a member of the Economic Advisory Council to the Prime Minister.
Speaking to ANI Editor-in-Chief Smita Prakash, Ravi said, “So what if the rupee touches 100 to a dollar? It's just a number.” The exclusive interview was posted on YouTube on June 3, 2026, and since then, her comment has gained widespread traction across social media platforms. Several social media users slammed the Indian economist for her remarks, with some even questioning her qualifications.
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Ravi explained that keeping the currency at a fixed level should not be the government's primary focus. She said, “At the end of the day, what you do not want is to jump in and try to keep the value at a certain level, as that can lead to inflationary pressures, which in turn can have all kinds of other chaotic impacts.”
Born in Patna, Bihar, Shamika Ravi is the daughter of R. N. Ravi, the current Governor of West Bengal. She completed her bachelor's degree in Economics from Lady Shri Ram College for Women in 1996 and her master's degree in Economics from the Delhi School of Economics in 1998. She earned her PhD in Economics from New York University in 2005.
In 2020, The Indian Express withdrew an article written by Shamika Ravi on grounds of plagiarism. Her article, titled “Imperative to Instill Confidence, COVID Policy Must Remove Fear Around Health & Economy,” failed to acknowledge direct quotations taken from the work of American economist Paul Romer. The publication stated, “The editorial team found four sections, one to three sentences each, that consisted of substantial or verbatim quotations, unacknowledged, from Romer’s piece.”
While some defended Ravi’s argument, others pointed to what they saw as the reasons behind the weakening Indian economy. One user wrote, “If this is just a number, why did the government, and particularly Mr. Modi, create such a hue and cry during the Manmohan government’s days? Now that the tables are turned, they are absolutely terrified.” Some users also began reposting Prime Minister Narendra Modi’s 2013 post, in which he blamed corruption in Delhi for the falling value of the rupee.
Memes flooded the internet, with users highlighting the irony. One user wrote, “Everything is just a number in finance, especially.” Another user on X commented, “Rupee at 100 is ‘just a number’? Tell that to your maid when she asks for ₹500 extra for daal. Just a number, madam. Just a number.”
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